Key Points
- Grayscale’s GBTC spot bitcoin ETF ended its 78-day outflow streak with $63 million of inflows.
- The US spot bitcoin ETFs reported a daily net inflow of $378.3 million, the largest since March 13.
Grayscale’s GBTC spot bitcoin exchange-traded fund (ETF) experienced its first daily net inflows since its conversion, breaking a 78-day streak of outflows.
Since the commencement of US spot bitcoin ETFs on January 11, GBTC’s cumulative outflows exceeded $17.5 billion until May 2. However, on Friday, the high-fee fund saw a sudden inflow of $63 million, as per data from Farside Investors and CoinGlass.
GBTC’s Assets Under Management
Currently, GBTC manages assets worth 291,239 BTC ($18.3 billion), a significant drop from about 619,220 BTC on January 11.
US Spot ETFs Witness Inflows
Among the early reporters, Franklin Templeton’s EZBC recorded a daily net inflow of $60.9 million on Friday. Bitwise’s BITB, Ark Invest’s ARKB, and VanEck’s HODL reported net inflows of $33.5 million, $28.1 million, and $8.7 million, respectively.
Fidelity’s FBTC led the pack, reporting $102.6 million of net inflows. BlackRock’s spot bitcoin ETF IBIT saw an inflow of $12.7 million, while Valkyrie’s BRRR and Invesco’s BTCO reported inflows of $35.6 million and $33.2 million, respectively. WisdomTree’s BTCW and Hashdex’s DEFI, however, saw no flows for the day.
On Friday, the US spot bitcoin ETFs saw a daily net inflow of $378.3 million, their first since April 23 and the largest since bitcoin’s all-time high of $73,836 on March 13.
The collective ETFs lost over $1.2 billion in seven days of consecutive outflows, including their largest-ever daily net outflows of $563.7 million on Wednesday. The cumulative net inflow for the combined ETFs since launch now stands at over $11.5 billion.
Spot Bitcoin ETF Hype Diminishes
The hype surrounding the spot bitcoin ETF seemed to have cooled off, with April witnessing net monthly outflows of $343.5 million, ending a three-month inflow streak and continuing into May. GBTC led the outflows in April with $2.5 billion exiting the ETF over the month.
On Wednesday, bitcoin’s price dropped to a low of $56,500, a 23% fall from its March all-time high. However, with bitcoin gaining around 7% on Friday and surpassing the $63,000 level, it remains uncertain whether GBTC’s turnaround in flows signifies a reversing trend for the broader US spot bitcoin ETF category.
